Trump plans changes to Social Security – A look at the potential impacts

Donald Trump, who is poised to run for a second term as president, has announced large-scale changes in Washington. These include mass deportations, high tariffs on imports, expanded tax cuts, and increased deregulation. A special focus, however, is on changes to Social Security benefits, which could affect 54 million American retirees. One of the core points of Trump's plans is the elimination of federal taxes on Social Security contributions. Currently, about 40% of Social Security beneficiaries pay taxes on these, depending on their income. Up to 85% of the benefits can be affected by the combination of taxable income, tax-free interest, and half of the Social Security benefits. Trump aims to eliminate this tax burden for seniors – an idea that has already been picked up by the legislative proposal "You Earned It, You Keep It Act." Another point on Trump's agenda is stabilizing the finances of Social Security through increased oil and gas drilling. During the primaries, he criticized Florida Governor Ron DeSantis's proposal to raise the retirement age, emphasizing that the U.S. has "liquid gold" that could be used to strengthen the program. Additionally, he envisions reducing national debt through increased drilling. Whether these far-reaching changes will become reality by 2026 remains to be seen. The elimination of federal taxes on Social Security contributions, for example, could deplete the program's financial reserves more quickly. Furthermore, Trump needs a qualified majority of 60 votes in the Senate to overcome an almost certain blockade.